The Dow isn't the only index taking a hit this week. Stock markets around the world have fallen, pushing down the portfolio values of exchange-traded funds.

These 16 ETFs had the lowest average price-to-earnings ratios on their portfolios. The prices of the funds' holdings have dropped faster than their reported earnings, suggesting the portfolios might be undervalued. While these ETFs might fall further, low price-to-earnings ratios can reduce the risk of losing.

ETF Low PE
Fund (Ticker) Rating
Total Return 1 Year
Avg Price/ Earnings
Market Vectors - Russia ETF (RSX US) E-
-76.3%
1.75
Claymore/Delta Global Shipping Index ETF (SEA US) U
NA
2.63
SPDR S&P Emerging Europe ETF (GUR US) E-
-69.0%
3.6
iShares MSCI Turkey Index Fund (TUR US) U
NA
3.61
Market Vectors - Steel Index Fund (SLX US) E-
-64.4%
3.94
iShares FTSE China HK Listed Index Fund (FCHI US) U
NA
4.03
First Trust Dow Jones STOXX European Select Dividend Index Fund (FDD US) E
-62.2%
4.79
iShares Dow Jones EPAC Select Dividend Index Fund (IDV US) D-
-57.3%
4.94
iShares MSCI Italy Index Fund (EWI US) C+
-54.2%
5.01
First Trust DJ Global Select Dividend Index Fund (FGD US) E+
-56.3%
5.07
Powershares Dynamic Europe Portfolio (PEH US) E-
-56.1%
5.14
iShares MSCI Belgium Investable Market Index Fund (EWK US) C-
-62.5%
5.37
PowerShares Dynamic Developed International Opportunities Portfolio (PFA US) D-
-56.9%
5.4
Market Vectors - Agribusiness ETF (MOO US) E+
-50.4%
5.51
Claymore/SWM Canadian Energy Income Index ETF (ENY US) E-
-59.1%
5.55
iShares MSCI France Index Fund (EWQ US) B-
-46.9%
5.67
Source: Bloomberg & TheStreet.com Ratings
Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.

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